Key Commercial Leasing Terms Every Lessee Should Know
Leasing is the most common way that most business personnel prefer when thy want space to settle their business. Commercial leasing has a lot of terms and conditions and if you just get into it with understanding what goes around, it may cost your business a lot of money. The following are some of the things that you need to know about commercial leasing .
You should know that there is a common area of maintenance of every lessee. You are expected to pay the common area maintenance fee like every other tenant. Public areas like elevators, walkways, and others are repaired using the common area maintenance fee that every tenant is paying. The common maintenance fee will be there if you are leasing in a multi-tenant building.
The other thing that you need to know about commercial leasing is the turnkey. Turnkey property is the property that is ready to move in to. Everything in this building is ready for you including the painting plumbing, floors, and wiring. In case you want somewhere that you can move in very first, this turnkey property is the best as it is ready unless you want to make some changes. Turnkey property best fits people who do not have much time to move in or to make some adjustments in the building, read more about a turnkey property from the internet.
The rentable and useable square feet is the other term that you need to learn about in commercial leasing. Rentable and usable square feet refers to the space that you are renting. All the tenants in the building can access the rentable square feet. This space may include the restroom, hallway, stairwells, and others, click here for more.
The last thing that you should know about the commercial leasing is the term full-service lease. In the full service’s lease, the tenants do not have to pay the common area maintenance fee. The rent of the building is adjusted to meet the cost of maintenance and the landlord caters for the maintenance fee. Ensure that the lessor can be trusted to offer repair and maintenance on time, click here to see some of the reputable commercial leasing companies. It will be very useful to you if you read more here about the commercial leasing terms to avoid confusion. The terms explained in this article will help you greatly as lesser to learn what is expected of you and the role of your lessor.